Economics is best described as the
a. study of choice when scarcity exists
b. study of the production of goods and services
c. theory of consumer behavior
d. science of money
e. art of spending money wisely
A
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Explain the effect on the demand for dollars in the foreign exchange market of an increase in the U.S. interest rate differential
What will be an ideal response?
A modified version of utilitarianism proposed by John Rawls states that
A) the distribution of the economic pie is fair if the rules are fair. B) the distribution of the economic pie is fair if it achieves the greatest happiness for the greatest number of people. C) the fair distribution of the economic pie is the one that makes the poorest person as well off as possible. D) goods may be transferred from one person to another only by voluntary exchange.